Outstanding

On March 27 and 28, the XXIII Annual Conference on Insurance Regulation and Supervision in Latin America ASSAL–IAIS 2025 was held, an event organized by the Association of Latin American Insurance Supervisors (ASSAL), the International Association of Insurance Supervisors (IAIS), and the Superintendency of Insurance of the Nation (SSN) in Buenos Aires, Argentina. This event was aimed at both insurance supervisors and members of the insurance and reinsurance industry, and also brought together various leaders, regulatory experts, and industry members from across the region.

The Conference provided a safe space for the exchange of ideas and experiences in an ever-evolving environment. The event featured the participation of prominent representatives from the Argentine government, supervisory entities from the region, insurance companies, and distinguished academics related to the sector. Over two intensive days, keynote lectures, panels, roundtables, and presentations were held, covering a wide range of topics relevant to insurance regulation and supervision in Latin America.

In his welcome remarks, Superintendent Guillermo Plate mentioned that the objective is to strengthen supervision in the fundamental and functional aspects of the industry, highlighting the need to eliminate inefficient regulations, as well as to create opportunities for continuous communication with the market, and to reinforce the exchange of knowledge and collaboration with supervisory bodies in the region, promoting the modernization and efficiency of the insurance sector.

Next, Tomás Soley, President of ASSAL and Superintendent of the General Superintendency of Insurance of Costa Rica (SUGESE), highlighted the importance of promoting insurance in properly regulated markets and ensuring that citizens can access more and better insurance products. Likewise, he acknowledged the significant efforts of insurance authorities and industry members to raise the standards of good practices within their regulatory and supervisory frameworks.

Following this, Conor Donaldson, Head of Implementation and Assessment at IAIS, delivered a brief speech on the importance of reducing protection gaps through innovative insurance products, as well as the latest updates to the IAIS roadmap for 2025–2026.

One of the highlights of the Conference was the intervention of Minister Luis Caputo, who outlined Argentina’s progress in insurance regulation and announced a significant agreement for the country’s economy. Likewise, the main regulatory jurisdictions from Latin America present at the Conference presented in the “Roundtable: Trends in Regulation” the key challenges in supervising emerging markets and promoting their growth.

Similarly, a notable milestone of the Conference was the intervention of the Superintendent of Insurance of Argentina, Guillermo Pedro Plate, who read the speech of Thomas E. Workman (an independent member with insurance expertise from the Financial Stability Oversight Council (FSOC) of the United States Department of the Treasury), discussing current developments in supervision and the U.S. financial markets and their regional and global implications.

In addition to formal sessions, the Conference offered opportunities for participants to network and build connections, fostering collaboration and the continuous exchange of knowledge even after the event concluded.

On the other hand, on March 26, the Ninth ASSAL–IAIS–FSI High-Level Meeting on Insurance Supervisors was held, an event organized by the Association of Latin American Insurance Supervisors (ASSAL), the International Association of Insurance Supervisors (IAIS), and the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) in Buenos Aires, Argentina. The event brought together heads of supervisory authorities and senior officials representing 19 jurisdictions from the Americas and Europe, as well as senior officials from the private sector.

The following topics were addressed: reforms and implementation of insurance regulation in Latin America; supervision of climate-related financial risks in the insurance sector; and the role of supervisors in reducing protection gaps against natural disasters.

Superintendent Guillermo Plate delivered the welcome remarks, emphasizing the importance of the SSN serving as a forum to discuss international advances in insurance regulation and supervision, as well as regional priorities. Subsequently, IAIS Secretary General Jonathan Dixon delivered a special speech on the evolution of the global insurance market, including the recently finalized Global Insurance Capital Standard, and presented the IAIS roadmap for 2025–2026.

Tomás Soley, President of ASSAL and Superintendent of the General Superintendency of Insurance of Costa Rica (SUGESE), and FSI Vice President Juan Carlos Crisanto highlighted that closer international and regional cooperation, particularly the active exchange of practices and experiences, is key for the effective implementation of international insurance standards in Latin America. They also acknowledged the significant efforts of insurance authorities to integrate climate-related financial risks into their regulatory and supervisory frameworks.

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From November 20 to 21, the 2024 ASSAL–IAIS Regional Training Seminar for Insurance Supervisors was successfully held in the historic city of La Antigua, Guatemala. This important event brought together distinguished insurance supervisors from the region, members of the Guatemalan insurance industry, and international experts to strengthen technical and regulatory capacities in the sector.

Organized by the Association of Latin American Insurance Supervisors (ASSAL), the International Association of Insurance Supervisors (IAIS), and the Superintendency of Banks of Guatemala (SIB), the seminar aimed to promote the harmonization of insurance standards and supervisory practices in the region. It covered topics related to the impact of technological innovation on the insurance sector, cybersecurity, inclusive insurance and protection gaps, mandatory insurance, actuarial function, risk-based capital requirements, climate risks, and parametric insurance, among others.

The seminar successfully achieved its training objectives, strengthening the competencies of the attending supervisors and promoting the exchange of experiences and best practices. The sessions included expert presentations, interactive workshops, and regional case studies, providing practical and relevant learning for the current challenges in the insurance sector.

For this event, there was 100% participation of in-person panelists, and attendance exceeded 80 people from 18 countries around the world, reaffirming the regional commitment to strengthening insurance supervision.

This seminar reinforces ASSAL’s commitment to promoting excellence in insurance supervision, contributing to the sustainable development and stability of insurance markets in the region.

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On October 7, 8, 9, 14, and 15, the IFRS 17 Workshop was held virtually for ASSAL member insurance supervisors, a key standard in insurance regulation and supervision. The event, organized by the International Monetary Fund (IMF), the International Association of Insurance Supervisors (IAIS), and the Education Group of the Association of Latin American Insurance Supervisors (ASSAL), saw broad and diverse participation from regulators across the region.

On average, the workshop recorded 250 daily connections, with balanced gender participation: 52% women and 48% men. This high level of engagement reflects the growing interest and commitment of insurance supervisors to enhance their knowledge on the implementation of IFRS 17.

The workshop sessions were led by distinguished experts in the field: Eduardo Melinsky (PhD in Actuarial Economic Sciences and President of the Professional Actuary Commission of Argentina) and Hernán Pablo Casinelli (Master in Finance and General Director of the Accounting and Auditing Standards Board of Argentina), who shared their extensive knowledge and experience regarding IFRS 17. Additionally, the participation of the General Superintendency of Insurance of Costa Rica (SUGESE) was highlighted, presenting its practical experience in applying IFRS 17 in the country, providing a valuable example of how this standard is being implemented in the region.

IFRS 17 is an international standard that sets the requirements for financial reporting related to insurance contracts, and its proper application is essential for the transparency and stability of the global insurance market. The event offered an invaluable opportunity for attendees to share experiences, clarify doubts, and discuss the challenges and opportunities posed by the adoption of this standard. The joint effort to offer this workshop has reaffirmed the commitment of the organizing entities to the training and strengthening of the capacities of insurance supervisors in Latin America.

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On August 16, a training session on the use of the FeMa Meter tool was held for insurance supervisors in Latin America. The event was jointly organized by A2ii and the Association of Insurance Supervisors of Latin America (ASSAL), with the support of its Inclusive Insurance Working Group.

The topic was initially presented at the bilateral meeting between A2ii–IAIS and the ASSAL Board, which took place during the ASSAL Annual Conference in Montevideo last May. Subsequently, a virtual meeting was organized to present the FeMa Meter to ASSAL members, along with a series of bilateral meetings held at the request of several supervisors to clarify questions.

The FeMa-Meter is an MS Excel–based tool designed to collect and review gender-disaggregated data that compares differences between men and women across various indicators. It integrates the most common indicators measured in two categories: (1) insurance usage and access; and (2) organizational diversity.

A total of 46 supervisors from 5 countries participated in the training. So far, supervisors from Costa Rica (SUGESE) and Guatemala (SIB) have already confirmed initiatives to adopt the FeMa Meter in their jurisdictions. This will enable them to raise awareness of gender-related issues and respond to the specific insurance needs of women, both in traditional and inclusive insurance, ultimately contributing to a more developed and inclusive insurance industry in their countries.

It is worth noting that women represent a business opportunity that remains largely untapped. According to estimates by the International Finance Corporation, the insurance market targeting women could reach USD 1.5 trillion by 2030.

Courtesy of A2ii

The XXI Conference on Insurance Regulation and Supervision in Latin America took place in Montevideo, Uruguay, on May 8–9, bringing together leaders and regulatory and industry experts from across the region. Organized by the Association of Insurance Supervisors of Latin America (ASSAL), the International Association of Insurance Supervisors (IAIS), and the Financial Services Superintendency (SSF) of the Central Bank of Uruguay, the Conference provided a safe space for the exchange of ideas and experiences in an ever-evolving environment.

The event featured the participation of outstanding representatives from supervisory authorities across the region, insurance companies, and notable academics connected to the sector. Over two intensive days, panels, roundtables, and presentations were held, addressing a wide range of key topics related to insurance regulation and supervision in Latin America.

Among the highlighted topics were emerging trends in the insurance market; risk-based capital, including implementation experiences, challenges faced, and how they were overcome; Insurtech—its risks and benefits, international perspectives on which aspects of the insurance business these types of Fintech are covering, and how they are being supervised and regulated; market conduct; innovation; among others.

One of the most outstanding aspects of the Conference was the presentation of the Roundtables on Trends in Regulation and Recent Regulatory and Supervisory Changes in Ibero-America, featuring the participation of ASSAL’s main jurisdictions. Two additional major milestones were, on the one hand, the presentation of the IAIS – IAIS – International Association of Insurance Supervisors and 2024–2025 Roadmap, along with the session delivered by the National Association of Insurance Commissioners (NAIC) on climate-related and catastrophic risks and insurance consumer protection. On the other hand, the interactive session by the Access to Insurance Initiative (A2ii) provided insights into insurance market development, inclusive insurance or microinsurance—including success stories, failures, and challenges—and access to reinsurance.

In addition to the formal sessions, the Conference offered opportunities for networking among participants, fostering collaboration and the continued exchange of knowledge even after the event had concluded.

Similarly, on May 7 at the same venue, the eighth High-Level Meeting on Insurance Supervision ASSAL–FSI–IAIS was held, bringing together heads of supervisory authorities and senior officials representing 21 jurisdictions in Latin America, as well as high-ranking private-sector representatives. Three key topics were addressed:

• Reforms and implementation of insurance regulation in Latin America
• The role of supervisors in facing the challenges of natural catastrophes and climate-related risks
• Addressing operational resilience challenges in a technology-driven insurance sector

The President of the Central Bank of Uruguay, Diego Labat, delivered the welcome address. Jonathan Dixon, Secretary General of the IAIS, gave a special address in which he presented the IAIS Roadmap for this year and shared the key highlights of the draft IAIS Strategic Plan 2025–2029.

Tomás Soley Pérez, Chair of ASSAL and Superintendent of the General Superintendency of Insurance (SUGESE) of Costa Rica, and Juan-Carlos Crisanto, Vice Chair of the FSI, emphasized the need for closer supervisory cooperation and active exchange of practices to support the effective implementation of international insurance standards in Latin America.

Finally, on May 10, the XXXV ASSAL Annual Assembly was held, during which the 2023 Annual Report and the Corporation’s Financial Statements were presented to the membership. It is worth noting that ASSAL is an international organization that brings together the highest supervisory authorities of the insurance sector in Latin America. Currently, 21 countries participate.

In summary, the ASSAL–FSI–IAIS High-Level Meeting, the XXI Conference on Insurance Regulation and Supervision in Latin America, and the ASSAL Annual Assembly were all resounding successes, each providing a valuable space to strengthen regional cooperation and address current and future challenges in the insurance sector in Latin America.

[08 February 2024] – The EIOPA–ASSAL Seminar on Prudential Insurance Supervision brought together distinguished experts and representatives from Europe’s insurance and pension regulatory authority to explore and discuss crucial topics impacting the insurance market in the region. The event, organized by the Association of Insurance Supervisors of Latin America (ASSAL) and the European Insurance and Occupational Pensions Authority (EIOPA), and held virtually on 6–7 February, provided a platform for the exchange of knowledge and experiences on a wide range of issues, from the implementation of IFRS 17 standards to the review of key regulatory frameworks.

The seminar covered a variety of highly relevant topics for the sector. The following subjects stood out during the first day:

1. Key elements of IFRS 17; high-level comparison with Solvency II:
   A detailed analysis was presented on the International Financial Reporting Standard 17 (IFRS 17) and its relationship to the Solvency II regulatory framework, offering an essential comparative perspective for supervisors and regulators. This session was led by Miguel Caballero, expert in supervisory convergence.
2. National Implementation and Impact of IFRS 17 on the Supervisory Approach:
   The presentation discussed how the implementation of IFRS 17 will affect supervisory approaches at both national and regional levels, highlighting the challenges and opportunities it presents. This topic was thoroughly addressed by José Filipe Nunes Jardim, coordinator of the IFRS 17 Implementation Working Group at the Portuguese Insurance and Pension Funds Supervisory Authority (ASF).
3. Introduction to the main elements of the ongoing Solvency II review:
   A concise and informative overview was provided on the main elements of the ongoing Solvency II review, emphasizing the key aspects currently being assessed to enhance the existing regulatory framework. This session was delivered by Ornella Caruso, insurance policy expert.

On the second day, the following topics were addressed:

1. Key elements of the AMSB and functions; supervisory experiences and best practices:
   The Solvency II governance framework was examined in detail, along with supervisory experiences and best practices. This topic was presented by Lise Schryve, national expert in insurance policy.
2. Key elements of the ORSA, experience and best supervisory practices:
   The essential aspects of the Own Risk and Solvency Assessment (ORSA) were explored, along with its impact on the supervisory approach at the national level, identifying best practices and associated challenges. This subject was presented by Luca Pischedda, supervision expert.
3. National application and impact of the ORSA on the supervisory approach:
   The discussion focused on how the ORSA, as a key risk-management tool, enables insurance companies to comprehensively evaluate and manage their risks. The topic was presented by Víctor Martínez Martín, from the Solvency Department and ORSA Coordinator of the Directorate-General for Insurance and Pension Funds (DGSFP) of Spain.

The seminar provided a valuable opportunity for participants to exchange knowledge and experiences, with the aim of strengthening insurance supervision and regulation in the region. Approximately 370 people took part in the event across both days, including 210 women and 160 men, representing 22 countries from Latin America and Europe.

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